Hi DG family, this is my first deal and I need your help. this is my situation..
..I Have the opportunity to purchase the house that I am currently renting from its owner, and he is willing to keep the financing part under his name, he is currently 3 months behind on the payments and he is willing to pay half of those payments and have me pay the other half to get the loan up to date, and than i will keep making the monthly payments untill it is payed off, in return i get to keep it's deed.
What happened to him was he was trying to get that loan modification program, and they had told him to stop making the payments, 3 months later they decided to tell him that he does not qualify for the program, and they basically left him in a bad situation.
today i received a call from him, he told me to get ready to move out within afew months because he was loosing the house, and told me the story, this was when i proposed to him if he would owner finance the house to me. and he gladly agreed!!!!!
I want to know what type of contract to use and what to put in the contract. The house is located in florida, and i know that contracts here are more difficult to write up because they are so strict with everything. but i also want to be able to claim it on my taxes at the end of the year, and i want to be able to Homestead the house also.
any information will be deeply apreciated, thank you so much for reading and helping in advance.
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